Zijin Mining (601899) announced that its board approved a resolution at the sixteenth extraordinary meeting of the eighth term of the board of directors, convened on 24 October 2025, to fully subscribe in cash for no more than 167,926,112 A shares to be issued by its subsidiary Fujian Longking (600388). The subscription price is set at RMB11.91 per share, and the total subscription amount will not exceed RMB2 billion. The funds raised from this private placement are intended to replenish Fujian Longking’s working capital.

According to the announcement, Zijin Mining and its wholly owned subsidiaries jointly held 317,511,529 shares of Fujian Longking as of 30 September 2025, representing a 25% stake. Upon completion of the transaction, up to 485,437,641 shares could be held in aggregate, expected to represent 33.76% of Fujian Longking’s total share capital after the placement. The arrangement may be exempted from a mandatory tender offer, subject to approval at Fujian Longking’s shareholders’ meeting and by relevant regulators.

Zijin Mining indicated that the proposed subscription strengthens its controlling position while providing Fujian Longking with additional capital to enhance its 「environmental protection + new energy」 strategy. The transaction remains subject to the necessary shareholder and regulatory approvals. The company noted that a previous private placement plan involving Fujian Longking was terminated by the latter’s board in July 2023 due to then-prevailing capital market conditions and related policies.